CapitaLand's The Ascott takes its premier brand to Tokyo

CapitaLand's The Ascott has brought its premier Ascott The Residence serviced residence brand to Tokyo through a master lease agreement with Mitsubishi Estate Company (MEC), one of Japan's largest real estate developers.

The 129-unit Ascott Marunouchi Tokyo is slated to open in 2017, ahead of the 2020 Olympics to be held in the city.

Ascott already has a presence in Japan. It currently operates about 360 serviced apartment units in Citadines Shinjuku and Somerset Azabu East in Tokyo, and Citadines Karasuma-Gojo in Kyoto.

Aside from serviced residences, Ascott has 40 properties with more than 2,800 apartment units for corporate lease across 10 major cities including Tokyo, Osaka, Nagoya and Fukuoka.